Waaree Energies

July 16 (Reuters) - Waaree Energies Ltd WAAN.NS:

• WAAREE ENERGIES LTD- WAAREE ENERGY STORAGE SOLUTIONS COMMENCES INDIA’S ADVANCED AUTOMATED BESS CONTAINER MANUFACTURING FACILITY

Further company coverage: WAAN.NS

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July 3 (Reuters) - Waaree Energies Ltd WAAN.NS:

• INDIA MARKETS REGULATOR: EXEMPTION ORDER GRANTED TO C.T. DOSHI FAMILY TRUST WITH RESPECT TO PROPOSED ACQUISITION IN WAAREE ENERGIES

Further company coverage: WAAN.NS

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June 30 - Waaree Energies Ltd WAAN.NS:

• WAAREE ENERGIES - UNIT RECEIVES ORDER FOR 236.22 MW SOLAR MODULES

Source text: [ID:]

Further company coverage: WAAN.NS

June 28 (Reuters) - Waaree Energies Ltd WAAN.NS:

• WAAREE ENERGIES: U.S. INVESTIGATION DID NOT FIND CO EXPORTED SOLAR PANEL MADE WITH CHINESE CELLS

• WAAREE ENERGIES: U.S. INVESTIGATION LIMITED TO NARROW SUBSET OF CERTAIN HISTORICAL IMPORT ENTRIES

• WAAREE ENERGIES: U.S. BUSINESS OPERATES NORMALLY, NO IMPACT ON ONGOING MANUFACTURING, DELIVERIES

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May 6 (Reuters) - Waaree Energies Ltd WAAN.NS:

• UNIT ENTERS PPA FOR 300MW WIND PROJECT IN DWARKA, GUJARAT

Source text: ID:nBSE9TtQG9

Further company coverage: WAAN.NS

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April 24 (Reuters) - Waaree Energies Ltd WAAN.NS:

• WAAREE ENERGIES LTD - BOARD TO CONSIDER FUND RAISING VIA SECURITIES

Source text: ID:nBSE6B5Fxz

Further company coverage: WAAN.NS

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March 24 (Reuters) - Waaree Energies Ltd WAAN.NS:

• APPROVES 39 BILLION RUPEES CAPEX FOR GLASS MANUFACTURING PLANT

Source text: ID:nBSE7GZ5P7

Further company coverage: WAAN.NS

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March 20 (Reuters) - Waaree Energies Ltd WAAN.NS:

• WAAREE ENERGIES LTD - AMIT ASHOK PAITHANKAR RELIEVED AS WHOLE-TIME DIRECTOR AND CEO EFFECTIVE MARCH 20, 2026

• WAAREE ENERGIES LTD - APPOINTS JIGNESH DEVCHANDBHAI RATHOD AS WHOLE-TIME DIRECTOR AND CEO EFFECTIVE MARCH 21, 2026

• WAAREE ENERGIES LTD - SONAL SHRIVASTAVA CEASES AS CHIEF FINANCIAL OFFICER EFFECTIVE MARCH 20, 2026

• WAAREE ENERGIES LTD - APPOINTS ABHISHEK PAREEK AS CHIEF FINANCIAL OFFICER EFFECTIVE MARCH 21, 2026

Source text: ID:nBSEfhNRQ

Further company coverage: WAAN.NS

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NEW DELHI, March 18 (Reuters) - India is proposing that clean energy firms use only locally made solar ingots and wafers from June 2028, the country's renewable energy ministry said on Wednesday, in a move aimed at curbing Chinese imports.

With this, the South Asian country is looking to ensure the usage of domestically made components across the entire solar panel manufacturing chain.

India currently has a manufacturing capacity of about 2 gigawatt (GW) for ingots and wafers.

Companies including Waaree Energies WAAN.NS, Tata Power TTPW.NS and Indosol Solar IDOS.NS have proposed billions of rupees of investments to build renewable manufacturing capacity as India aims to double its non-fossil fuel-based power capacity to 500 GW by 2030.

The government has already mandated the usage of locally assembled solar panels in state-run projects even though components like cells, wafers, ingots and polysilicon could be imported.

India currently relies entirely on China for its imports of cells, ingots, wafers and poly silicon for solar panels.

The country has also directed the use of domestically made solar cells from June 2026.

(Reporting by Sethuraman NR; Editing by Sonia Cheema)

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March 16 (Reuters) - Waaree Energies Ltd WAAN.NS:

• WAAREE ENERGIES - INTIMATION FROM INTERNATIONAL COURT OF ARBITRATION

• WAAREE ENERGIES - ARBITRATION REQUEST FILED BY ENEL GREEN POWER

• WAAREE ENERGIES LTD - ARBITRATION NOTICE CONTAINS MONETARY CLAIMS; COMPANY EVALUATING RESPONSE

Source text: ID:nBSE9VMRPC

Further company coverage: WAAN.NS

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** Shares of Waaree Energies WAAN.NS up 2% at 2,709 rupees

** The clean energy firm's U.S. unit Waaree Solar Americas Inc enters into share subscription agreement to subscribe shares of United Solar Holdings Inc for $30 million

** Avg rating of 13 analysts covering the stock is "buy" and median PT is 3,600 rupees, ~33% higher than current price, according to data compiled by LSEG

** YTD, WAAN stock down 8.6%

(Reporting by Anuran Sadhu in Bengaluru)

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March 10 (Reuters) - Waaree Energies Ltd WAAN.NS:

• WAAREE ENERGIES LTD - UNIT ENTERS SHARE SUBSCRIPTION AGREEMENT WITH UNITED SOLAR HOLDINGS

• WAAREE ENERGIES - SUBSCRIPTION OF SERIES B PREFERRED SHARES OF UNITED SOLAR HOLDINGS FOR $30 MILLION

Source text: ID:nBSE9yvVtK

Further company coverage: WAAN.NS

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Adds Premier Energies comment; paragraphs 9,10

By Anuran Sadhu and Sudarshan Varadhan

BENGALURU/SINGAPORE, Feb 25 (Reuters) - Stocks of Indian solar equipment makers plunged on Wednesday, after the United States imposed preliminary duties on imports from India, Indonesia and Laos, the latest in a decade-long series of levies on cheap Asian imports.

Shares of major Indian solar panel and cell makers Waaree Energies WAAN.NS and Premier Energies PEME.NS sank about 15%, while Vikram Solar VIKO.NS fell nearly 8% in early trade, before paring some losses.

Exports make up 16% of Vikram Solar's upcoming orders, while Waaree's U.S. shipments account for 65% of its order book, Jefferies analysts said. Premier Energies' order book is entirely domestic, its managing director said last week.

OVERSEAS SALES YIELD HIGHER MARGINS THAN DOMESTIC

The duties of 80% to 143.3% on Indian exports could hurt profitability, as overseas sales bring higher margins than domestic ones, Jefferies analysts said on Wednesday.

However, analysts expect the duties to have limited impact on manufacturers in the three countries, though they are heavier than expected.

"The manufacturers have been anticipating U.S. tariffs on cells and modules from the Southeast Asia and India, even before the investigation was first launched in August 2025," said Fei Chen, solar research analyst at consultancy Rystad Energy.

Waaree Energies said it expected no material impact from the duties, citing 2.6 GW of U.S. manufacturing capacity expected to rise to 4.2 GW by the end of this financial year, and a diversified supply chain that includes a planned Oman facility.

Vikram Solar said the duties would have a limited impact as it sourced cells for U.S. customers outside India, in countries with lower tariff exposure.

Premier Energies said it cut its share of exports "to almost nil".

"Indian manufacturers have had a long time to refine sales strategy and business models," it said in a statement, adding that U.S. exports now make up only 5% to 7% of total Indian production.

TRUMP FREEZE SENDS CLEAN POWER CAPACITY INTO LIMBO

U.S. panel manufacturing has ramped up in recent years, even as President Donald Trump's freeze on project approvals has thrown thousands of megawatts of clean power capacity into limbo.

Higher domestic module manufacturing led to a drop of 56% in the value of U.S. solar panel imports in 2025, with India's exports falling by nearly half, U.S. customs data shows.

U.S. solar deployment forecasts for this decade are flat with earlier forecasts, due to an expected rise in utility-scale solar installations despite short-term policy uncertainty, consultancy Wood Mackenzie said in December.

However, higher exports from Indonesia and Laos drove up cell imports 35%, mainly because domestic cell-making capacity fell short of demand.

Both countries have been boosting solar exports to make up for a decline in exports from Cambodia, Malaysia, Thailand and Vietnam following a anti-dumping duties, but such shipments are expected to fall in coming months.

"Many have planned, or started, production relocation to regions without significant U.S. tariffs," Fei Chen said, adding that factories in these countries would increasingly cater to growing regional demand.

(Reporting by Anuran Sadhu in Bengaluru and Sudarshan Varadhan in Singapore; Additional reporting by Sethuraman NR and Surbhi Misra; Editing by Janane Venkatraman and Clarence Fernandez)

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Feb 24 (Reuters) - Waaree Energies Ltd WAAN.NS:

• RECEIVES LOA FOR 300MW WIND POWER PROJECT IN GUJARAT

Source text: ID:nBSE7GwyMF

Further company coverage: WAAN.NS

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Feb 23 (Reuters) - Waaree Energies Ltd WAAN.NS:

• RECEIVES ORDER FOR 500MW SOLAR MODULES

Source text: ID:nBSE6ClDn3

Further company coverage: WAAN.NS

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Feb 4 (Reuters) - Waaree Energies Ltd WAAN.NS:

• WAAREE ENERGIES LTD - RECEIVES ORDER FOR 150MW SOLAR MODULES

Source text: ID:nBSEcdZ9Ld

Further company coverage: WAAN.NS

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** Shares of Waaree Energies WAAN.NS jump 10% to 2,655 rupees; set to gain the most in seven months

** Top solar module manufacturer's PAT jumped 118.35% toa record 11.07 billion rupees; rev from ops up 118.81%

** Waaree is on track to achieve its EBITDA target of 55 bln–60 bln rupees - CEO

** Order book stands at 600 billion rupees

** Co saw a 2.95 bln rupees hit tied to investigation launched by U.S. customs last September

** Authorities were determining if co evaded U.S. tariffs on Chinese-made solar cells and panels by labeling them as made in India

** Analysts have a "hold" rating on avg; median PT is 3,709.50 rupees - data compiled by LSEG

** WAAN, down ~5 so far in January

(Reporting by Urvi Dugar in Bengaluru)

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Jan 21 (Reuters) - Waaree Energies Ltd WAAN.NS:

• ON TRACK TO ACHIEVE ITS EBITDA TARGET

Source text: ID:nBSE8rzdxB

Further company coverage: WAAN.NS

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Jan 19 (Reuters) - Waaree Energies Ltd WAAN.NS:

• WAAREE ENERGIES LTD - RECEIVES ORDER FOR 210 MW DCR SOLAR MODULES

• WAAREE ENERGIES LTD - UNIT RECEIVES ORDER FOR 2000 MW SOLAR MODULES

Source text: ID:nBSE4L7pWj

Further company coverage: WAAN.NS

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Jan 9 (Reuters) - Waaree Energies Ltd WAAN.NS:

• RECEIVES ORDER FOR SUPPLY OF 105 MW SOLAR MODULES

Source text: ID:nBSE4LwLWc

Further company coverage: WAAN.NS

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Dec 31 (Reuters) - Waaree Energies Ltd WAAN.NS:

• RECEIVES ORDER FOR 1500 MW SOLAR MODULES

Source text: ID:nBSE4h9MX0

Further company coverage: WAAN.NS

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Dec 29 (Reuters) - Waaree Energies Ltd WAAN.NS:

• UNIT SETS UP 3.05 GW SOLAR INVERTER FACILITY IN GUJARAT

• OPERATIONS COMMENCE AT WAAREE'S NEW FACILITY ON DECEMBER 29, 2025

Source text: ID:nBSE1CT4f2

Further company coverage: WAAN.NS

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Nov 28 (Reuters) - Waaree Energies Ltd WAAN.NS:

• WAAREE ENERGIES LTD - RECEIVES ORDER FOR SUPPLY OF 140MW SOLAR MODULES

Source text: ID:nBSE8W1Bj9

Further company coverage: WAAN.NS

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Oct 27 (Reuters) - ** Shares of Waaree Energies WAAN.NS rise as much as 2.9% to 3,632 rupees apiece

** Solar firm gets multiple orders for solar modules last Friday

** Co's American unit gets order from U.S.-based client

** Solar modules convert sunlight into electricity

** WAAN up 26.5% YTD

(Reporting by Urvi Dugar in Bengaluru)

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Oct 17 (Reuters) - Waaree Energies CEO WAAN.NS:

• WAAREE ENERGIES CEO: SHIPMENTS TO U.S. NOT SLOWED DOWN DUE TO TRADE INVESTIGATION

• EYEING BOTH ORGANIC, INORGANIC EXPANSION IN U.S

(([email protected];))

Sept 26 (Reuters) - Shares of India's Waaree Energies WAAN.NS fell 4.5% to 3,288.9 rupees on Friday after U.S. customs officials said they were investigating if the solar panels maker sidestepped tariffs on Chinese-made cells and panels by labeling them as made in India.

The U.S. Customs and Border Protection said in a memo on Friday that there was reasonable suspicion that Waaree had failed to label some of its imported products as subject to antidumping and countervailing duties Washington has imposed for years.

The agency said it was taking steps to protect U.S. revenues, such as requiring cash deposits from the renewable energy firm while the investigation is ongoing.

Waaree did not immediately respond to Reuters' requests for comment.

Shares of the company have risen 37% since their trading debut in October 2024.

(Reporting by Aleef Jahan in Bengaluru, Editing by Harikrishnan Nair)

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Sept 24 (Reuters Breakingviews) - The American sun is burning Indian exporters. The United States is investigating a dumping complaint against solar firms, including Waaree Energies WAAN.NS and a unit of Adani Enterprises ADEL.NS. It could result in triple-digit tariffs on the industry, which sends almost all its $2 billion of exports a year stateside. It speaks to the limits of New Delhi’s Make-in-India initiative and the dangers of chasing the China-plus-one opportunity.

Four years ago, Prime Minister Narendra Modi launched a 240 billion rupees ($2.7 billion) incentive scheme to build a solar module manufacturing ecosystem in India. It was part of a wider initiative to reduce his country's dependence on Chinese imports. As a result, domestic cell production capacity nearly tripled to 25 gigawatts during the year to the end of March, and exports surged.

India's success is now a problem, however. The U.S. International Trade Commission last month accepted a petition by the Alliance for American Solar Manufacturing and Trade to investigate whether shipments of solar photovoltaic cells from India, Indonesia and Laos are hurting U.S.-based manufacturers. An earlier complaint by the industry body, which counts First Solar FSLR.O and South Korea's Hanwha Group-backed Qcells as members, resulted in the United States applying duties of up to 3521% on Southeast Asian solar exports. Those went into effect in April. The latest petition alleges 43 India-based companies have benefited from domestic subsidies and earn "dumping margins" of up to 214%. That indicates the likely upper limit for how high any punitive tariffs might go.

India's exports to the U.S. rose as other countries got locked out of the world's largest economy. But India's own goods are also uncompetitive against Chinese products coming into the South Asian country, which remains a top importer of Chinese solar cells. This problem will ease once an official mandate on local sourcing kicks in next year.

Indian exporters may now seek out other overseas markets, but their best hope is to find more local customers. Currently, India's manufacturing capacity for solar panels exceeds its domestic demand. New Delhi is using subsidies to push farmers to adopt solar power, and a boom in energy-intensive data centres may also result in higher orders.

Yet some Indian companies are also setting up production in the United States: Waaree began making modules in Texas in January, and Vikram Solar VIKO.NS is evaluating similar plans. That is a logical outcome to the current mess. But it is also far removed from the manufacturing dream India set out to achieve.

Follow Shritama Bose on Linkedin and X.

CONTEXT NEWS

The U.S. International Trade Commission voted on August 29 to proceed with an investigation into whether solar cells imported from India, Laos and Indonesia are stifling domestic manufacturing.

The trade authority acted on a petition brought in July by industry group Alliance for American Solar Manufacturing and Trade, which accused companies from the three countries of violating trade laws and sought the imposition of anti-dumping and countervailing duties on them.

(Editing by Una Galani; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

Sept 17 (Reuters) - Waaree Energies Ltd WAAN.NS:

• WAAREE ENERGIES LTD - TO SELL 14.66% STAKE IN INDOSOLAR

• WAAREE ENERGIES LTD - FLOOR PRICE OF OFFER TO BE 500 RUPEES PER SHARE

Source text: ID:nBSE1XsRQD

Further company coverage: WAAN.NS

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By Sudarshan Varadhan and Sethuraman N R

SINGAPORE/NEW DELHI, Aug 28 (Reuters) - High U.S. tariffs and potential anti-dumping duties on Indian solar panel exports will exacerbate a supply glut in India next year as domestic project bidding slows, according to industry officials and analysts.

U.S. President Donald Trump's 50% tariffs on shipments from India will choke panel sales to its top overseas market, which accounts for 90% of module exports, they said.

The situation could deteriorate further if anti-dumping duties are imposed on some manufacturers following a petition filed on July 17 by U.S. solar companies with the Commerce Department seeking duties on imports from India, Indonesia, and Laos.

"The 50% tariff will squeeze margins, and potential anti-dumping duties will make competing in the U.S. even tougher," said Raj Prabhu, CEO of clean energy consultancy Mercom Capital.

India's awards of solar generation projects and new tenders slowed dramatically in the quarter ended June, with an adviser to the federal power ministry urging renewable developers to bid cautiously in line with demand growth projections.

"We expect that India will enter overcapacity stage already in 2026, which will feel even worse with the loss of the U.S. market," said Wood Mackenzie analyst Yana Hryshko.

New Delhi's incentives — including import duties and domestic manufacturing mandates — helped double module production capacity annually to 74 gigawatts by March. State Bank of India Capital Markets projects this will reach 190 GW by 2027.

India's solar module factories are already running at only 25% of total capacity on average, said Vinay Rustagi, chief business officer of manufacturer Premier Energies PEME.NS.

"Some companies are running at 80%-85% like us, others are running at much lower capacity," he said.

CHINA CELL IMPORTS

If anti-dumping duties are imposed, Indian manufacturers must either find alternative markets or supply domestically, Hryshko noted.

Finding new markets will be challenging. Indian solar modules made using Chinese cells are 48% more expensive than China-made modules, while those using Indian cells are roughly 143% more expensive, Mercom data shows.

India has capitalised on an 82% decline in prices of Chinese cells since late 2022 and steadily boosted exports of modules, energy think-tank Ember said.

The local solar module manufacturing push has helped companies such as Waaree WAAN.NS and Adani ADEL.NS increase lucrative U.S. exports. But it has also pushed up solar generation costs, which are passed on to debt-laden power retailers.

India plans to mandate domestic cell use from June 2026, despite these costing over three times more than Chinese alternatives, according to Fei Chen, an analyst at consultancy Rystad Energy.

Analysts say the move may trigger increased Chinese imports before the rules take effect.

"Reliance on cell imports is likely to increase in the short term, potentially leading to stockpiling, price spikes, and supply chain pressures," Mercom's Prabhu said.

(Reporting by Sudarshan Varadhan in Singapore and Sethuraman NR in New Delhi; Editing by Saad Sayeed)

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** India's Waaree Energies WAAN.NS falls 4.7% to one-month low of 2,940 rupees

** U.S. initiates anti dumping duty and countervailing duty investigations of crystalline silicon cells imported from India, Indonesia and Laos

** U.S. International Trade Commission to issue preliminary determination on September 2

** WAAN got 68% of its revenue from overseas customers, primarily U.S., during the April-June quarter

** Premier Energies PEME.NS also down 2.1% at 996.2 rupees

** Average rating of four analysts on WAAN "sell"; median PT at 2,397.5 rupees, as per LSEG data

** YTD, WAAN up 3%

(Reporting by Vivek Kumar M)

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